Honeycomb Investment Trust has announced that major shareholders are planning to sell “a significant percentage” of their shares, in response to “substantial investor demand”.
The alternative finance-focused investment trust said on Monday that certain investors are planning to sell of part of their holdings at a price of 850p per share.
It also said that one major shareholder has pledged not to sell any of its shares in the next four weeks, unless it is instructed to do so by Honeycomb or its investment manager, Pollen Street Capital, for a minimum of 850p per share.
“In addition, the company announces that the board has authorised an on-market buyback by the company of up to 2.2 million ordinary shares pursuant to the authority granted at Honeycomb’s annual general meeting on 6 June 2019,” the stock market announcement added.
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“Liberum Capital has been appointed to effect the buyback on the company’s behalf.”
Honeycomb revealed earlier this month that it ended 2019 with a monthly NAV return of 0.67 per cent, taking its annual performance to 7.79 per cent.